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thaman still sleeping at 12 noon ?
- Thread starter madmansg
- Start date
Hong Kong's Yam Expects Volatility in `Severe Crisis' (Update1)
By Kelvin Wong
Sept. 16 (Bloomberg) -- Hong Kong's financial market will experience volatility as Lehman Brothers Holdings Inc.'s bankruptcy compounds a ``severe crisis'' in global markets, the city's de-facto central bank said.
``There'll be negative impact on the Hong Kong financial market for sure,'' Joseph Yam, chief executive of the Hong Kong Monetary Authority, said in an interview broadcast on the city's Cable TV channel today. ``We expect to see volatility in prices but there should be no structural problems.''
The decline in U.S. stocks yesterday erased more than $600 billion in market value as financial shares tumbled and pushed the Standard & Poor's 500 Index to the steepest drop since the September 2001 terrorist attacks. Stocks in Japan, Australia and South Korea plunged today as concerns grew that the credit turmoil will slow the global economy.
Yam in 1998 led the Monetary Authority in spending $15 billion to fight off speculators betting the Hong Kong dollar would be allowed to weaken when regional currencies fell during the Asian financial crisis.
Lehman, once the fourth-largest U.S. investment bank, was forced into the biggest bankruptcy filing in history, becoming the latest victim of the subprime mortgage crisis. At least seven Japanese banks lent the U.S. bank a total of $1.62 billion, according to the Chapter 11 filing by Lehman.
`Good News'
Yam said he saw no ``panic selling'' in the U.S. stock market. The market in Hong Kong was closed yesterday for a public holiday.
Yesterday's interest-rate cut announcement by China's central bank is ``good news'' for Hong Kong as it will provide liquidity for the financial market, he said.
The People's Bank of China lowered interest rates yesterday for the first time in six years and reduced the amount of cash that some banks are required to set aside. It cut the one-year lending rate to 7.20 percent from 7.47 percent, effective today.
``This should provide a relief to the market,'' said Yam. ``I expect some central banks to soon announce similar measures to provide liquidity and some may already be discussing a rate cut.''
To contact the reporter on this story: Kelvin Wong in Hong Kong at [email protected]
By Kelvin Wong
Sept. 16 (Bloomberg) -- Hong Kong's financial market will experience volatility as Lehman Brothers Holdings Inc.'s bankruptcy compounds a ``severe crisis'' in global markets, the city's de-facto central bank said.
``There'll be negative impact on the Hong Kong financial market for sure,'' Joseph Yam, chief executive of the Hong Kong Monetary Authority, said in an interview broadcast on the city's Cable TV channel today. ``We expect to see volatility in prices but there should be no structural problems.''
The decline in U.S. stocks yesterday erased more than $600 billion in market value as financial shares tumbled and pushed the Standard & Poor's 500 Index to the steepest drop since the September 2001 terrorist attacks. Stocks in Japan, Australia and South Korea plunged today as concerns grew that the credit turmoil will slow the global economy.
Yam in 1998 led the Monetary Authority in spending $15 billion to fight off speculators betting the Hong Kong dollar would be allowed to weaken when regional currencies fell during the Asian financial crisis.
Lehman, once the fourth-largest U.S. investment bank, was forced into the biggest bankruptcy filing in history, becoming the latest victim of the subprime mortgage crisis. At least seven Japanese banks lent the U.S. bank a total of $1.62 billion, according to the Chapter 11 filing by Lehman.
`Good News'
Yam said he saw no ``panic selling'' in the U.S. stock market. The market in Hong Kong was closed yesterday for a public holiday.
Yesterday's interest-rate cut announcement by China's central bank is ``good news'' for Hong Kong as it will provide liquidity for the financial market, he said.
The People's Bank of China lowered interest rates yesterday for the first time in six years and reduced the amount of cash that some banks are required to set aside. It cut the one-year lending rate to 7.20 percent from 7.47 percent, effective today.
``This should provide a relief to the market,'' said Yam. ``I expect some central banks to soon announce similar measures to provide liquidity and some may already be discussing a rate cut.''
To contact the reporter on this story: Kelvin Wong in Hong Kong at [email protected]
Did Tharman do NS? He did, he would have come & say, all is fine & we are still in the GOLDEN PERIOD!.
you want him, to get the old fogger heart a fluttering again?, and all the followers hears to flutter also!
NS is killing Singapore...
Did Tharman do NS? He did, he would have come & say, all is fine & we are still in the GOLDEN PERIOD!.
you want him, to get the old fogger heart a fluttering again?, and all the followers hears to flutter also!
NS is killing Singapore...
he is pricking his hair and counting his million dollar salary...where got the time to talk about such an issue
He still doing his "Indian Math".
he is doing indian dance under the coconut tree and at the same time counting his million dollar salary.....shaking his head laughing...
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